Market Research Future Insights
According to market research future insights analysis, the global voice assistant market is expected to register a CAGR of 31.2% from 2022 to 2030 and hold a value of over USD 30.74 Billion by 2030.
The growing popularity of connected devices, rising instances of voice search, increasing adoption of smart homes, and increased demand for self-service applications are projected to enhance the market expansion. However, the market growth could be improved by the voice assistants' inadequate device integration. The global voice assistant market players should have the potential to expand their revenue streams shortly as a result of the development of AI. The possibility of artificial intelligence (AI) has increased in recent years due to considerable advancements in the field. One use of AI in voice assistant technology is Natural Language Processing (NLP).
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Voice assistants can communicate with users in natural language and leverage cloud computing to merge AI. Due to their simplicity of use, voice assistants are now built into millions of household products. Due to ongoing increases in automation efforts, the voice assistant industry saw substantial growth. The increasing use of voice assistants in the automotive sector for in-car entertainment and driver assistance systems sparked market expansion. The auto industry has implemented voice assistance market with the Internet of Things and artificial intelligence to improve the driving experience.
Key Players
Some key market players are Alphabet Inc., Amazon.com Inc., Apple Inc., Microsoft Corporation, Nokia Corporation, Verint Systems Inc., IBM Corporation, Samsung Electronics Co. Ltd., and Salesforce.com Inc.
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Market Segmentation
The voice assistant market has been segmented into components, technology, deployment, application, and end user.
Based on components, the market has been segmented into solutions and services. The solution segment accounted for the largest market share in 2021 due to the growing demand for consumer engagement, seamless integration with back-end data, and the ability to customize, thanks to third-party databases. On the other hand, the service segment was the fastest-growing segment during the forecast period. This segment is growing due to the customer need for voice assistants.
The voice assistant market has been segmented based on technology: voice recognition, speech recognition, text-to-speech recognition, and natural language processing. Voice recognition accounted for the voice assistant market's largest revenue share in 2021. This is due to the easy-to-access, increasing demand for smart homes and the adoption of the voice-enabled device. Besides, the natural language processing was the fastest-growing segment. This can be linked to the rising demand for chatbots, which assist in handling various consumer inquiries by quickly assessing their actions and replies compared to human agents.
Based on deployment, the market has been segmented into on-premise and on cloud. The on-cloud segment had a prominent share in 2021 in the market for voice assistants. This is attributed due to affordability, cost-effectiveness, and scalability. Besides, the on-premises was the fastest-growing segment. This can be linked to the rising demand for chatbots, which assist in handling various consumer inquiries by quickly assessing their actions and replies compared to human agents.
Based on application, the market has been segmented into websites, messenger bots, and contact centers. The messenger bots segment had a prominent share in 2021 in the voice assistants market due to increased customer experience and accessibility. Besides, the websites were the fastest-growing segment. One of its most notable qualities is its capacity to automate repetitive tasks.
Based on end-user users, the voice assistant market has been segmented into retail and e-commerce, banking, finance, insurance, healthcare, and automotive. The retail and e-commerce segment had a prominent market in 2021 in need of voice assistants. Because of the widespread use of voice assistants, the explosive increase of IoT data, and the advantages of cloud storage. Using a customized voice assistant market is the most straightforward approach to having a positive branding experience. Customers develop relationships with other brands when companies work with third-party platform providers.
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Regional Analysis
North America dominated the voice assistant market for voice assistants in 2021. The North American market has many prospects for significant growth in the following years because of the region's infrastructure and big companies like IBM Corporation, Google LLC, Amazon, and Samsung Electronics.
Europe is expected to register lucrative growth in the market for voice assistants. It is anticipated to expand quickly due to the rising demand for smart contact centers and individualized client experiences. Additionally, voice assistant-based solutions for speech automation are being adopted by the regional IT and industrial sectors, which are also working on novel solutions for challenging use case scenarios.
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